What can I do if my PLUS loan application was denied?

Your PLUS loan application may be denied if the Department of Education does not feel that you are creditworthy. Creditworthiness does not depend on income. Instead, it is a measure of how effectively you have paid off debts in the past. If you have been rejected, you may reapply with new terms, such as the use of a cosigner. You may also reapply once your credit has improved. Otherwise, consider other financing options, such as a home equity loan or personal loan. If these options are not available to you, talk to your children about their choice to apply independently for a loan or choose a less expensive college option.

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